EUROPEAN FIXED INCOME UPDATE: bonds fly in fast market risk-off trade

A choppy overnight session gradually turned positive for debt futures and progressed into a procession or quick march at times as headlines scrolled with increasing frequency and belligerence on the part of Russian officials. In short, the message remains resolute about the aims of military action across the border into Ukraine and the reaction to sanctions from the West are extremely accusatory to say the least. Hence, another safety flight and Bunds just set an even loftier intraday peak at 169.70 to coincide with the corresponding 10 year yield probing zero percent, while Gilts have been up to 125.12, cash close to 1.25% and the 10 year T-note as high as 128-17+ or sub-1.75%. Note, turnover is relatively light and this is exacerbating price action so any good news could easily result in a sharp reversal of the down by the lift shaft kind.  

01 Mar 2022 - 11:10- Fixed IncomeResearch Sheet- Source: newsquawk